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WELLINGTON, New Zealand (AP) - Building materials maker Fletcher Building Ltd. is buying U.S.-based surfacing products manufacturer Formica Corp. for $700 million.
The New Zealand-based company will fund the purchase of Cincinnati-based Formica using existing and new bank debt facilities and an underwritten placement of 26 million ordinary shares, expected to raise some $218 million, it said in a statement Wednesday.
Formica has 12 manufacturing and 33 distribution facilities spread across Asia, Europe and North America.
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